The Minister for Communication, Dr Edward Omane Boamah, has signed a Memorandum of Understanding (MoU) with MTN and the Ghana Multimedia Incubator Center (GMIC).
Under the terms of the MoU, GMIC would fund the ICT Business Incubation and Entrepreneurship Project under its Economic Empowerment portfolio.
The partnership, according to the Chief Executive Officer of MTN, Serame Taukobong, was a two-year project which would involve the organisation of an innovation competition targeted at final year tertiary students with expertise in ICT.
Mr Taukobong said at the end of the competition, 10 start-ups would be selected into the business incubator program to be trained to have their skills sharpened in the areas of software development, programming and applications.
He said the signing of the ICT Business Incubator and Entrepreneur partnership affirmed MTN's commitment to leading the delivery of a bold new digital world to the public.
He expressed MTNs delight in the Business Incubator Partnership because research had shown that most small businesses were unable to excel to their 5th anniversary and that Africa was the worst; hence the need for business incubators to help businesses improve their survival rate.
Mr Taukobong said while empowering the youth to be innovative, MTN also sought to invest in young entrepreneurs to develop and commercialise digital products and services as well as generally create wealth to strengthen both local and national economies.
The Director of the Ghana Multimedia Incubator Center (GMIC), Solomon Asante Dartey, indicated that the concept of incubation as a business development model had so far been the best means of support for technology commercialisation particularly in the area of ICT and the sciences.
Mr Dartey said in line with the ICT for Accelerated Development Policy, the Ministry of Communication, in partnership with the United Nations development programme (UNDP), established the first government business incubator in 2005 at the Ghana Multimedia Incubator Center was.
The GMIC, he said, had the objective of aiding start-ups and young businesses that had ground-breaking and innovative ICT ideas to mature into viable business ventures through the incubation programme.
He disclosed that under the initiative, the first of its kind within the incubation space in Ghana, the MTN Foundation would contribute GH¢308,400.00 for a period of two years while the GMIC would give GH¢ 75,000.00, adding up a total of GH¢ 383,400.00. .
Dr Boamah commended MTN for the gesture, and the uniqueness of the signing of the project, implementation of which would begin after the conclusion of the MoU.
He said, the initiative was in line with the President's vision of creating decent jobs for the youth of Ghana and urged other private sector players to support in the achievement of this vision.